SNB's Maechler: Still too early to contemplate tightening monetary policy

Below are some key quotes, via Reuters, from the speech delivered by the Swiss National Bank Governing Board Member Andréa Maechleris.

• Still too early to contemplate tightening monetary policy.
• Economic developments favourable but inflationary pressures low, Swiss franc highly valued, the situation on forex market fragile.
• Forex intervention has become important tool in implementation of SNB monetary policy.
• SNB retains ability to steer interest rates even without libor, for instance via negative interest rate on sight deposits.